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INSTALLMENT PROMISSORY NOTE
~ " TIIATLE REEF' /I.SS~ t~ if~__• ' iAI Amount R~aiv~d i 1Qi '410.00 _
~ (81 Pnmium tw G~dit ~
• Uf~/D~Wlity I~?t. ~
I~. 0. 60x 618, JEIISEN BfJICM. FL. 334S7 ~c~ o«~,~,~ry s~,
OFFICE A RESS (p) OtMr Chirq~s (itNniz~) = A~
February 23, ~E~ _ ~
NOTE NO. DATED: . 19 78. (F) _ ~
DuE: March 6~ .19 (G) f mou C FiDea~ad =
~ ~ . (Hl- IntKat i
PLACE: . FLORIpA ll) G~dit Invettgatan = ~
IJ) OtMr i ~
For wlw nttiwd. tM uixNrsipt~l (henin~ftN cstNd "MakK") lointly snd s~v~r~lly (ii IK) _ °a~
rtwr~ thsn on~) promis~ to pay to Me orda of th~ Bsnk, at itt offiq listed abov~, eh~ ToW ~
of Paynknts (irom (N) at ~ipht) of ~1~~~~-~ Ooll~r=paysbN in _
ec~w~ monthhr ir~uumenn ot t 137_n , tM t~st ~MI fINANCE CHARGE 6,IOS.~
(H, 1, J. K, L) S -~e+~r~~
. insallm~ni dw on Anri 1 6 . 18J.$._. snd wbssqwn~ insallmena du~ on IN) Total ot Payments (G + M) t~~~'w
cn.~d.y of ~acn montn tnsreafce~, io~ch~. with a F~NA~ BA~IOON PAVMENT OF: ANNUAL PERCENTAGE RATE • %
s ~ DUE ~~w~~~~~~~ ~ ~9fii1~
TM Bsnk shstl irtpass s delinquency charg~ spsinst the Maker on s~y p~Ym~nt which has bacome due and nrnair~s in default iw a p~riod in ~xa~ ot 10
days in an smount equal to 5X of the amount of tM principal part of the psymsnt in detault. In tM ev~nt Mst the Not~ is not paid in full at maturity, all psy-
menn, whetfie~, principsl, interat or othsrwis~, shall bear intarest at tM msximum le9al rate albw~d uMa ths Iaws of the State of Flo?ida. All psyments mad~
hereunder shsll b~ crodited iirst to interest and chen to principal, however, in tM event of dsfault, ths Bank may, in ics sole dis~wtion, sppty ~ny psyment to
interest, printipal ~nd/or lawtul tharges tAen actrued. It is t1N intention of the parties hento thst the provisions haein shall not provide directly w indiiactly
for the Wymsnt of a grsatK rate of interest or the rotention ot sMr othK charps thsn is slbwsd by law. If, fa any resson, intsrest in excau of wch N~I ?ste or
a chsrg~ prohibited by law shstl at any time bs Wid. any wch exo~ss sl?sll eithn tonstitute and bs trtated ss s psyment on the principsl or b~ ntundetl diroctly
co ths Maka~. -
The INaker may prepay tAe entiro unpaid balanCe of the loan et any time. If the loan it p~epaid in tull, acoelerated or retinsnCed, the Maker shall reCeive s
retund of ths unearned ponion of the interest and inwrance premiums tort~{wted by the Ru1e o( 78's method, except that the Bank shall be ewtitlsd to rotain
a minimum interest cha?ge of 56.00,
CREDIT LIFE AND CREDIT LIFE ~ DISABILITY INSURANCE ARE VOIUNTARY AN~ NOT RE~UIRED FOR CREDIT. Sueh insurancecovarags is
availsble at the cost desynsted below fpr the term of the tredit: (a) S ior Gedit Lite Inwranoe (b) S
for G~dit Life m D'isability Inwrance:
Check ? C?edit lite I~urana is desired on the lite of
App~, 8i~thdate
Box ? Gedit LifE 8 Oisabitity Inwrance is desircd on
irthdate ~
C?edit Lite and/or Disability It~wra~ce is not desired.
FebruarX~,. 2978 s~~t~~e ~
Date:
. , r.
Signature
As sacurity for the payment ot the Note the Maker hereby 9rants to the Bank a property: ~ 0_0769s undi ri ded
tntersst ie Turtle I~f Ceed~ I_ IE~mrd~d en A.R_~pp~_~,~~ 2~A2_ l~it if~iic!
~ ed 6 ie S~1_ D-..l~,~t. Ne_ Dmlb ~r-dfSC1'~bld ~!1 si~d-~O,TLgi~.
intludinp all ioCreases, wbstitutiwK, replacements, additiwu and aooessions thereto and in the prOCeedt thereOf (hereinafter called "Collateral"1. This securiry
~ interest shall al~o feCUra any othe~ indebtedneu or liability of tf?e Maker to the Bsnk direct M iodirlCt, abadute or contingent, due or to betome due, oow ex-
isting or hereatter arising, including atl future sdvanoes a toans by the Bank to the Maker.
~ The Bank is also given a lien and a seturity interest in all property and seturitiss of tAe Maker, endorser, wrety, guara~tor or accommodation party of this
~ Noce lhereinaftet referred to as the "Obligors"1, now in or at any time hereafter Coming into tAe Contrd, tustody. or posseuion oi the Bank, whether iw the ex-
~ pressed purpose of being used by the 8a~k as Collateral, or for any other purpose, and upon any balance or balances to the aedit of any socounts, includi~g
agency aotounts maintai~ed withche Bank by any of the Obligors, and the Obligors agree to deliver to the Bank additional Collateral or make such
~ truSt and
~ paymenn in reduction of the principal amount of the loan as shall be satisfactory to the Bank, i~ the event the aforementioned Coltateral shall decline in value
er becoms urnatisfattory to tMe Bank.
~ Additions to, reductions or ezthanges o(, or wbstitutio~s tor the Collate~al, payments o~ account of tAis loan or irtpeases of the same, or other loans made
~ partially or wholly upon the Collateral, may trom time to time be msde wiMout sffecting the provisions of this Note. The Bank shall exercise reasonable care in
the custody and preservation oi the Collateral to the exte~t required by appticable statute, and s1w11 be dsertrod to have ezercised ressonable csre iI it tskes wch
action fo? that purpose as Maker shall reasonably request in writing, but no omission to do amr act not requested by Maker shall Ge deemed a failure to exereise
reasonabla care, and no ortdssion to oomply with any request of Maker shalt of itself be deemsd a tailu?e to exereise reasonable caro. Bank shall not be bound to
cake a~y staps necessary to preserve any ri~ts in the Collste~al against prior partias and Msker shatl take all necassary steps for such purposes. TF~e Bank or its
nomines naetf not Collect intereft on, or s prineipal of, any Collatsral or give any notice with respeet to it.
The 88nk rnay continue to hold any Coltatenl d~posited hereunder after the payrnent of this Note, if at the time of the payrt~ent a~d disCharge heteof any of
the parties liable for the payment hereof sAall be then direttty or tontingently lisble to the Bank as Maker, endorser, wrety, guara~tor or aoconxnodation party
of aoy other note, draft, bitl oi exchange, or otha instrument, or otherwise, and the Bank msy thereafter exereise all rights with respect to said Collateral
~ granted herein even though this Note shall have been wrrendered to the Maker.
If the Bank daertK:itself insecure or upon the happening of any of the following eve~ts, esch of which shall tonstitute s default, all liabilities oi fach Maker to
~ the 68nk, includi~g the entira unpaid prinCipal of this Nots snd attrued inurat, less any unesrned inte?est and any interest in excess of ths maximum allowed
by law a~d e~y rebates required by Isw, shall imnfsdistely or tAeteafter, st the aption of the Bsnk, except that the otturrenoe of (c) ot (d) shsll teuse automsc-
ic axelantion; without notioe or demand, beeome due snd paysble: (a) the failure of any Obligtu to perform amr obligation, liability or daim to the Bank, to pay
~ interest hereon within 10days afta it is due, w if there is no due dste, after it is billed w otherwise requated or demanded, or to pay any other lability what-
~ soever to thd Bank when due; (b) the death of any i~dividual Obligor, the dissolution of any psrtnuship Obligor or the diuolution, mtrger ar oonsdid~tion with-
out ths Bank's pria written cor?sent of any corporate Obligor; (e) the filing of a petition in bankruptcy ar the sdjudication of insolvency or bankruptcy unds~
~ any reorgenization, arrangement, resdjustri~snt of debt, dissalution, liquidatio~ w similsr proceeding unde~ a~1/ Federal or state statute, by or ayainst any
~ Obligor; (d) an application for the appointme~t of a raceiver for, or the rt?aking of s 9enersl assiynment for the benefit of creditws by, a~y Obliqor; (e) the entry
~ ot judgrtient against any Oblgor; (f) the awing of any attathme~t w yernisbment, o? the filing of any lisn, against amr property of any ObC~gor; Ig) the taking of
~ possession of any wbstsntisl pan oi the prope?ty of aM? Obligor at ths instsnce of sny 9orernnNntal authority; (h) ths determinatio~ by the 8ank thst a materi-
~ al adverse thanqe hat oocurred in ths financial condition of any Oblgor from ths conditiw~s set forth in the most recent financial statert~ent of wch Obligor
heretofore furnisAsd to the Bank, or (rom the condition of wefi Obliyor ss heretofaa most reeently disdo~ed to the Bank, w that any vwrranty, rapresrntation,
certif'~cate or statertient of any Obligor (wAethe? conteined in tAis Note or eot) penaining to w i~ oo~nsction with this Note w the loso evidenpd by this Note
contains an untrue stateme~t of material txt or omits to state material fact n~ceuary in wder to mske the ststeme~ts rrwds not misl~diny; w, (i) t1~e assgn-
ment by sny Makar of aryr equiiy in sny of tM Cotlatersl without the prior written consent oi the Bank.
Trie Bsnk shall have, but shall not b~ limiced to, tl~e followinp rights, each of which may be ~xercis~d at any time whether or not cAis Note is due: (i) to
pledgs or twnsfer Mis Nots snd the Collatenl and the Bank shsll thersupon be reli~ved of sll duties and nsponsibilitiet f»reunder a~ rNiev~d irom any snd sll
liability with re~pett to sny Colbteral to plsdped w us~sferrsd, and any pbdps~ w trsnsfxee thall for all purpos~s stand in cM ptsos of the B~nk h~nur~du and
have all tIN riyhu of tMe Bank f~ereunder; (ii) to tniufer t1N whoM or any psrt of ths Co118te~a1 into tM nart~e of itself or its nomine~; (iii) to vob the Collateral;
(iv) to notify ths Obligora
ota~qr Colbteral to rtafc~ payment to tM B~nk of sny ~mounts du~ o~ to becoms dus tl~ereon; (v) to demsnd, we fw, cdlsct, or
mak~ any oomp~omise w~ettl~nt it dsem~ dasirabb witfi roi~.ence to tfie Collatuat; and (vi) to tsk~ pass~ssion w contrd of any propsds of Collatersl.
~ *'B~WK' as used ~erein aea~a Turtle Reet Assaiates, Inc. aad/or its assig~s.
NOTICE: SEE OTHER SIOE FOR IMPORTANT INFORMATtON ~ R ~
Bo~~ 312 ~~~E 38~
FBS ~52 Rev. 7/77
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